Our client is a multinational engineering powerhouse. One of their main divisions, through almost 60 years’ experience, has developed a novel technology that allows automated measurement and control of solids in liquids.
The client company wanted to explore market possibilities and potential in Korea, inspired in part by their own local in-house technical sales opinion “there is no market in Korea”.
Our client had had operations Korea for 20+ years with staff of 30-40 people. The organisation included mainly admin, technical sales and support technicians for other divisions.
We evaluated Korean market potential in municipal wastewater treatment facilities by listing all facilities over a specified size. We then estimated the need for our client’s equipment in each facility based on the size, units, lines and existing machinery – initially with data from facilities that listed the required details, then later by approximations from what we had learned through the initial step. We also evaluated the technological status of the facilities with visits to key locations: small, large, modern and old.
Following our data collection, evaluation and calculation we determined that the client indeed had an addressable market size in Korea for their equipment of EUR 50-100 million, not including service-related income. ROI for the facilities were also estimated to be around one year, a major selling point in the market.
With this determination in hand, we then worked to identify possible distributor candidates for this new business.
After evaluating some 500 companies, we were able to distinguish 20 potential distributor candidates for our client.
From the 20 potential candidates, we further short listed five candidates that best matched our client preferences and who were eager for a proposed partnership.
We established face to face meetings and follow-up discussions with each short-listed candidate, and our client offered a distributor agreement with their selected preferred candidate. Together with the new distributor they have been successfully doing sales work for almost one year.